Alix Acquires Jackpot Lithium Property with Historical Resource
April 13, 2016 (Source) — ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce the acquisition of the Jackpot Lithium property (“Jackpot Property”) located about 140 km NNE of Thunder Bay, Ontario, from arms-length vendors.
Historical resources at Jackpot, on just the Dyke No. 2 pegmatite zone, was reported as 2Mt @ 1.09 Li2O estimated in 1956 by Ontario Lithium Company Limited*. The No. 2 pegmatite dyke, which was discovered by diamond-drilling, was intersected at intervals of 30 to 100 meters over a strike length of 215 meters and at intervals of 30-60 meters over a distance of 365 meters across strike. Dyke No. 2 is 4 to 20 meters thick, averaging 11 meters.
The Jackpot Property is located in the Georgia Lake Area, situated approximately 12 km by air from the TransCanada Highway (Hwy 11) and the main railroad, which connects to the port town of Nipigon, on Lake Superior.
Lithium was first discovered near Georgia Lake in 1955 within granitic pegmatites. The current Jackpot property covers the Jackpot lithium deposits, described in a 1965 report by E.G. Pye published by the Ontario Department of Mines. The Jackpot deposits were tested by a total of 32 diamond drill holes in 1955 by Ontario Lithium Company Limited, an associated company of Conwest Exploration Co. Ltd. The drilling confirmed the presence of at least two spodumene-bearing granitic pegmatite bodies, one at the surface (Dyke No. 1) and a second body (Dyke No. 2) lying beneath the Dyke No. 1.
Dyke No. 1 is a 6 to 9 meters thick, flat-lying body occurring as outcrops and further exposed by historic trenching. A review of Ontario government assessment files suggest little drilling was completed on Dyke No. 1 as efforts appear to have been focused on the larger (No. 2) Dyke. The 1955 drill logs extracted from archived files indicate assaying from only one drilled section within the No. 1 Dyke, even if spodumene is identified in several drill logs. Records from DDH 428 intersected 1.47 wt. % Li2O over 3.96 m from the surface. The Company has not verified the reported assays. The No.1 Dyke represents a readily accessible target for trenching and bulk sampling and to acquire sufficient material for metallurgical testing.
The Dyke No. 2, is not exposed at the surface and was discovered by diamond drilling. Dyke No.2 has been described by Pye (1965) as follows: “… Historical drill intercepts include 1.52 per cent Li2O over 10.6 metres (drill hole 411) and 1.17 per cent Li2O over 21.2 metres from drill hole 407.” All drill intercepts reported are historical in nature and are taken from assessment files available at the Ontario Ministry of Northern Development and Mines. The assay results have not been verified by the Company.
Get our daily investorintel update
President and CEO Michael England commented, “We are pleased to add the Jackpot Lithium property to expand Alix’s portfolio of lithium projects and to be at the forefront of the incoming demand for developing sustainable energy solutions. Alix now has lithium projects in Mexico and Canada and will continue to seek and, if warranted, acquire quality lithium assets for its growing portfolio.”
Cumulative terms of the deal call for Alix to issue 2.4 million shares plus cause expenditures of $350,000 on the property over a 2 year period. In addition a 1.5% NSR will be granted to the vendors with the Company able to purchase back one per-cent for one million dollars.
A finder’s fee may be payable on this transaction. This transaction is subject to TSX Venture approval.
The technical contents of this release were approved by Michel Boily, PhD, P.Geo a Qualified Person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
Alix Resources is a junior mining exploration company focussed on seeking and acquiring lithium projects globally. Alix continues to evaluate suitable prospects that fit the mandate of the Company. The Company is also exploring the Electra Project in Sonora, Mexico, consisting of two strategically located concessions, contiguous to Bacanora Minerals’ Sonora Lithium Project. The Company’s Joint Venture partner on the Electra Project is global lithium developer Lithium Australia NL, whom are developing the Sileach™ processing approach for recovering lithium from silicate minerals including spodumene and mica.
*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company as not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
ON BEHALF OF THE BOARD
Michael England, President, CEO, Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.